How Can I Lower My Auto Insurance Costs?

Whether you are studying for your driver’s license exam or can remember driving a Model A, you might benefit from these coverage and cost-saving tips. Although situations vary, the following measures may help you reduce costs:

1. Increase Your Deductible. When you have a claim, the deductible is the amount you must pay before your insurance takes over. By increasing your deductible, you may be able to lower your premium ans save as much as 15-20%

2. Check Insurance Costs Before Buying a New Vehicle. Some vehicles are more expensive to repair or more likely to get stolen, making them more costly to insure. Before you make the final buying decision on that shiny new car, make sure you have checked the costs of coverage for the make and model.

3. See if You Are Eligible for Any Discounts. Some insurers offer policy discounts for various reasons, such as carrying more than one policy with the same company. Also, you may qualify for a deduction if you drive below average miles or if you carpool to work.

 4. Reduce Insurance Coverage on Older Vehicles. As your vehicle gets older, you might want to makes changes in your auto insurance. For example, you may choose to eliminate collision coverage from your policy. However, it is important to remember that if damage to your vehicle or someone else’s is your fault, you may have to pay for damages yourself. This may be more costly than insuring an older vehicle.

5. Drive Carefully and Cautiously. Accidents and traffic violations generally increase your premiums. Always drive defensively, and remember to wear your seat belt.

-Robert Catalano